Business Daily from THE HINDU group of publications
Friday, Apr 04, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Apr 04, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation
We recommend a buy in Rolta India from a short-term perspective. The charts of Rolta India show that its medium-term downtrend, which began in early January from the resistance level of Rs 387 ended recently. On April 3, the stock conclusively penetrated the medium-term down trendline as well as the 50-day moving average by jumping up by more than 6 per cent, accompanied with good volume. Moreover, the stock’s long-term uptrend that commenced in June 2006 is still in place. The daily and weekly momentum indicators are rising in the neutral region towards the bullish zone. We also note a crossover in the daily moving average convergence divergence indicating a buy. Considering the price breakout above the medium-term down trendline, we are bullish on the stock in the short-term. We expect the stock to rally further to our target level of Rs 330 in the short-term. Investors with a short-term perspective can buy the stock with stop-loss at Rs 270. Yoganand D.More Stories on : Stocks | Recommendation | Software
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